Before making a will, here's everything you need to know.
Are you thinking about writing a will but aren't sure where to begin? Before you write a will, here's everything you need to know.
06 January 2022
Is it important to make a will?
Making a will as a parent
The best method to have a voice in what happens when you die is to write a will. If you have children under the age of 18, this is critical because it allows you to name who you wish to be their legal guardian in the event that something happens to you. Without a will, the courts may have to decide who would care for them.
Making a will as a homeowner
A will also allows you to specify how you wish your estate, including any property or funds, to be divided. You can make an inventory of your possessions and specify how much you want others to inherit, avoiding family feuds when you pass away.
What happens if you die and you don’t have a will?
When a loved one dies without a will, it costs families on average £9,700. This is typically made up of assets they can't locate or are unaware of. When you create a will using Simpwill, you can include an asset inventory so that your loved ones know where to look for everything.
If you die without making a will, any assets that are discovered will be split according to intestacy laws. These are a system of conventional laws that determine who gets what, although they may not always reflect your wishes.
Do you need a solicitor?
Many individuals believe that writing a will necessitates seeing a solicitor. However, if your needs are clear and easy, you may end up paying more than you need to.
Our online will writing tool allows you to name guardians for your children, select executors, create an asset inventory, and specify how you want your estate to be divided. It also allows you to leave gifts, personal comments, and funeral wishes for those you care about. Simpwill charges £80 for this service, while a solicitor may potentially charge over £200.
What information do I need to put in my will?
If you have children under the age of 18 or own a pet, you can name legal guardians in your will. This allows you to choose who would look after them if you were no longer around. If you died unexpectedly without writing a will, the courts would have to make this judgement.
Even if your guardians are unlikely to be called upon, it's still crucial to pick the right person (or persons) for the task. Grandparents, aunts and uncles, and close friends are common choices, but you should talk to them about it before adding them in your will.
More information about designating legal guardians can be found here.
Inventory of your estate
Millions of people in the United Kingdom put off writing a will because they are afraid of having to rummage through documentation for all of their accounts, houses, and assets - but this is not the case.
When you use Simpwill to create a will, you'll be asked to create a basic inventory of your estate. Simply make a list of all of your assets, such as 'Barclays Bank Account.' This is so that your executors will know where to look while dealing with your estate. Because you won't be asked for account numbers or the amount of each account, this portion of the procedure should only take a few minutes.
Find out more about dividing your estate.
Before you draft your will, you should think about who you want to name as executors. These are the people in charge of following your will's instructions.
Most people think of their partner first, but this can be an unwanted burden at a time when things are already difficult. Alternatives for executors include adult children, siblings, close friends, and professional executor services.
The most important element to consider when appointing executors for your will is whether or not they are willing to deal with the paperwork and finances involved.
Find out more about naming executors.
Should you leave funeral wishes?
You can incorporate funeral requests in your will using our online will writing service. This step is entirely optional, but it can significantly reduce family disagreements about your funeral after you pass away.
You can choose your final resting spot, the type of funeral you want, and even the songs that will be played throughout the ceremony. While these requests aren't legally enforceable like the rest of your will, they can make your family feel confident that they're making the best decisions possible after you're gone.